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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Various expenses to consider when buying foreclosures at auction Posted by Ward-CA- on November 04, 2003 at 7:50 PM In Reply to: Buying at Auctions posted by Eric, in California on November 03, 2003 at 3:20 PM : When buying homes from auctions in CA, are you required to pay off any money that is owed on the home once you win the auction? Or are you only responsible for the price that you have bidded for? Also, what other expenses should I consider other than rehab costs when planning to bid at an auction? : Any help is greatly appreciated. ================= Eric, The only money you need to pay at a foreclosure auction is the opening bid of the lender who is foreclosing on their lien. Any senior liens will remain for you to reinstate and then make ongoing payments on. Other expenses you might want to consider prior to bidding are: 1. Principal balances of senior liens; 2. Delinquent real property taxes; 3. Property insurance premiums; 4. Resale expenses (commission, buyer’s points, transactional costs); 5. Legal costs to evict holdover occupant. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : When buying homes from auctions in CA, are you required to pay off any money that is owed on the home once you win the auction? Or are you only responsible for the price that you have bidded for? Also, what other expenses should I consider other than rehab costs when planning to bid at an auction? : : Any help is greatly appreciated. : ================= : Eric, : The only money you need to pay at a foreclosure auction is the opening bid of the lender who is foreclosing on their lien. Any senior liens will remain for you to reinstate and then make ongoing payments on. : Other expenses you might want to consider prior to bidding are: : 1. Principal balances of senior liens; : 2. Delinquent real property taxes; : 3. Property insurance premiums; : 4. Resale expenses (commission, buyer’s points, transactional costs); : 5. Legal costs to evict holdover occupant. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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